WASHINGTON - (04/27/05) -- The House easily approved a billTuesday that will allow federal credit unions to offer a variety ofservices, including check cashing, wire transfers and money orders,to non-members within their fields of membership. But the measurefaces a more difficult time when it is voted by the Senate and iswidely expected to eventually be mixed in with a broader regulatoryrelief bill for credit unions. NCUA Chairman JoAnn Johnsonapplauded the measure, saying it will provide low-cost services tomany individuals, particulalry immigrants, who are at the mercy ofhigh-cost check cashers and money servicers. "It offers theseindividuals another opportunity to transact business with aninsured institution that is regulated by the U.S. Government," saidJohnson. "These are people who are getting taken to the cleaners,who can least afford it. And it helps them establish a relationshipof trust with a financial institution." Similar laws have beenpassed in a half dozen states allowing state chartered creditunions to provide those services to non-members within theirFOMs.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
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The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
April 26